Real Estate Trends – Pembroke, Massachusetts

Introduction:

Thanks for checking out our latest real estate market trend report. If this is your first time reading one of these reports what we do in them is examine a city or town in Massachusetts or New Hampshire and evaluate its current real estate market trends. We look at the municipality’s year over year change in the real estate market and evaluate what those observations might mean for that market moving forward.

Market Trends in Pembroke, MA – January 2014 and 2015:

The Pembroke, MA market has definitely gone down some since last year. Both the average listing and sales prices are down noticeably. The days on market were also up somewhat. Inventory was up somewhat as well with 12 sales in January of 2014 and 16 sales in January 2015.

Average Listing Prices:

As always the first thing we will look at is the average listing price. For Pembroke, MA in January 2014 the average list price was $383,942. This decreased to $365,950 in January 2015. That gives a modest decrease of 4.69%.

Average Sale Prices:

The next thing we examine is the average sale prices. The average sale price for Pembroke, MA in January of 2014 was $372,533 and in January 2015 that was down to $352,478. That gives a slightly larger decrease of 5.38%.

Average Days on Market:

Finally we will take a look at the average days on market. Days on market is a measure of how long it takes for a house to sell in this market. For Pembroke, MA the average days on market in January of 2014 was 132.50 and the average days on market for January 2015 were 169.94, for a noticeable 28.25% increase. However, as we have seen many time in our previous posts for the municipalities of Abington, Bedford, Seekonk, Belmont, Topsfield, Canton, Dracut (Condos), Hamilton, Wakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton , Wrentham, Stoneham, Dedham, Nashua, NH , Tewksbury and Brockton (Multifamily), Lowell (Multifamily), Acton and Foxboro an outlier can skew the data. In the case for Pembroke, MA we see this again. Interestingly in out last report on Foxboro, MA we saw for the first time actually seeing a major outlier in both years and that is the case again here. Another interesting point is in both years we see two points that are major outliers. In both years there is one place that is a huge outlier and then a 2ndone that is much lower but still around double the next highest one. In 2014 there was one at 622 and then one a 371, with the lower one being just about triple the next one. In 2015 we see one at 783 and another one at 436, with the lower one being almost as much as double the next closest one. So in this case we will eliminate both high ones from both years to get a more accurate representation of what is happening. When we do this we get a revised days on market for 2014 of 59.7 and 107.1 in 2015. Using these updated numbers we see a much larger 79.4% increase in the days on market. So regardless if we use the straight numbers or the adjusted numbers we see the days on market are up a bit year over year for Pembroke.

Pembroke, Mass Summary:

The Pembroke, Massachusetts real estate market has slowed down a bit since last year. The declines in both listed and sale prices as well as the sizable increase in the days on market indicate this. In summary if you are looking to sell a house in Pembroke, MA now you should expect to get less for it than you would have last year. You also should be willing to take a discount off of your initial price to avoid sitting on it for a long time.